Garrett Users Forum

I found 5 pennies Sunday and thought I had found a rare and valuable 1969-S penny, but when I cleaned it up it was a D mint mark. Anybody who doesn't take time to dig a penny could sure be messing up if they pass on one of these coins.

Such finds are what makes our heart leap and what keeps us in this game, to be sure.

The only down side of this is that most pennies that come from the ground - "as dug," in collectors parlance - are pretty grubby. Under a loop or magnifier, they will repel even the most novice of collectors. Cleaning them is no better, and is even downright dicey, and most serious collectors generally scorn such coins.

The high values you see in the references and "price lists" are for pristine, MS grade (mint state) coins.
The ultra-desirable, 1969-S in question is the doubled die, mis-strike. In MS-63 Red, they begin at $75,000.
A woman in Oregon recently had one in her pocket change that got her $3000.

But that one is vastly different from the vast majority of the other 540 million 1969-S Lincoln cents struck. A rating of MS-63 Red means it has never been in circulation (mint state meaning just that) and is as fresh as they day it came of the press.

The more common cents from this same year and mint start at $7 in MS-63, Red. Anything below that isn't even listed in the PCGS guide. And it's a bet I'll take, that any dug cent is not going to be in mint state, red condition.

This is a harsh reality we as detectorists must face. As they say, "It is, what it is."

However, your point is valid - any penny that might be worth more than a cent is a good thing. Check your pocket change closely is some good advice.

I know this is going to sound crazy but some of our "newer coins" are worth some $$ not what we are used to with the older stuff but if you check the coin books especially the red book which everyone should have you will see that some of our newer coins can be worth a few more than their face value.

Any coins I find I look at closely after all if they are on the top of the ground and in a play ground you never knwo if someones child didn't get into a coin collection and had them in there pockets I check all my change as well from all the stores especially now that the economy is as it is. People are spending there "saved coins" out of necessity. I have found coins that looked like they just left the mint with older dates (60's). Why did they look like this? Good question.

One thing that a lot of people who are not serious coin collectors do not realize is that the prices in the Red Book are what a dealer, who operates a brick and mortar store will be likely to charge you if you want to buy the coin from them. You won't get that price from a coin dealer, or from a coin collector on ebay or else where.

That $7 price for a MS-63 1969-s cent is a good example. The PCGS price guide lists it at $7 but you can buy an entire uncirculated roll on ebay for less than $10. In fact there is an auction for an uncirculated roll of 69-s cents up on ebay right now ending in a little over 24 hours and the current price is $1.52 with free shipping. MS-63 is the grade for "average uncirculated" and many of the coins in that roll would score at least a 63. So why does the PCGS price guide list it at $7? Because that is the price you would expect to pay for a 1969-s cent that was in a PCGS slab, graded at MS-63 but it costs $20 to get PCGS to slab a coin. It would be a mistake to send in such a 69s cent for grading because it would be worth less than the cost of the grading. So you probably wouldn't want to send in such a coin unless you felt pretty sure it would grade as a MS-66 or better.

The real street price for an uncirculated, non graded 69-s cent if bought as a single at a local coin show would probably be something like 50 cents.

QuoteSteveP(NH)
One thing that a lot of people who are not serious coin collectors do not realize is that the prices in the Red Book are what a dealer, who operates a brick and mortar store will be likely to charge you if you want to buy the coin from them. You won't get that price from a coin dealer, or from a coin collector on ebay or else where.

That $7 price for a MS-63 1969-s cent is a good example. The PCGS price guide lists it at $7 but you can buy an entire uncirculated roll on ebay for less than $10. In fact there is an auction for an uncirculated roll of 69-s cents up on ebay right now ending in a little over 24 hours and the current price is $1.52 with free shipping. MS-63 is the grade for "average uncirculated" and many of the coins in that roll would score at least a 63. So why does the PCGS price guide list it at $7? Because that is the price you would expect to pay for a 1969-s cent that was in a PCGS slab, graded at MS-63 but it costs $20 to get PCGS to slab a coin. It would be a mistake to send in such a 69s cent for grading because it would be worth less than the cost of the grading. So you probably wouldn't want to send in such a coin unless you felt pretty sure it would grade as a MS-66 or better.

The real street price for an uncirculated, non graded 69-s cent if bought as a single at a local coin show would probably be something like 50 cents.

And a similar leveling is at wrok when you want to sell a coin you find.

Since I'm new to the forum I was going back to read all the older posts and ran across this one from last fall. You expressed a lust for a 1943 Penny. some years back I was bartending part-time and someone paid for a drink and with the money they handed me were 3 (three) 1943 steel pennies. Needless to say, those never made it into the till. I was absolutely gobsmacked since I was born in 1943. that was maybe 15 years ago and I still treasure them. Hope you find one soon.